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July 28, 2005

House Panel Urges Talks On Terrorism Insurance

bus.jpgThe chairmen of the House Financial Services Committee and a key subcommittee yesterday challenged insurers and regulators to use the August congressional recess to work out changes in the federal terrorism insurance backstop that would meet White House and other Republican objections and allow the program to be renewed this fall.

The Terrorism Reinsurance Act (TRIA) provides for the government to pay a portion of damage caused by a foreign terrorist attack once certain thresholds are exceeded. TRIA has been credited for stabilizing insurance and related markets after the Sept. 11, 2001, attacks, but is scheduled to expire at the end of this year.

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Posted by Tom Troceen